The health insurance organisation (HIO), which oversees the national health system (Gesy), said Tuesday its revenues from contributions exceeded initial estimates by €30m up until October last year, while expenditure in the first six months of implementation was lower by €50m.

Senior HIO official Angelos Tropis told the Cyprus News Agency that contributions from March last year, three months before the first phase of Gesy went online, reached €330m at the end of October. An additional €10m was also collected through co-payments between June and the end of October.

The co-payments include visits to specialists either through GP referrals, at a cost of €6 per visit, or without one, costing €25, and the purchase of medicines.

“We’ve had a positive deviation from the revenues forecasted by the actuarial study by Mercer, which estimated revenues of around €310m,” Tropis said.

Regarding the HIO’s expenditure, Tropis said they paid €230m between June 1, when the system kicked in, and the end of the year.

The organisation’s budget for 2019 had provided for payments of €40m per month in 2019.

Any savings will be used for the purchase of medical services on behalf of the beneficiaries, Tropis said.

The official said the HIO did not expect any financial problems with the full implementation of the system in June this year, as its budget is set to double at around €1bn, or €80m per month.

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